0x Protocol (ZRX)
Basics * Launched mainnet 8-2017 * Network Layer, one of the building blocks on top of the Ethereum blockchain. Can be used to trade ERC-20 tokens. * Short explanation: An open and non-rent seeking protocol that facilitates a trust-less, low friction exchange of Ethereum-based assets. Developers can use 0x as a platform to build exchange applications on top of. For end users, 0x will be the infrastructure of a wide variety of user-facing applications. * Longer explanation: "From a high level, 0x is a collection of smart contracts deployed on the Ethereum blockchain, which specify the order format and trade execution process. In simple terms, the protocol tells you what these smart contracts know and how to execute a trade using them. 'On-chain order books are costly and slow, so 0x relies on a relayer model. In 0x’s lexicon, the Relayer  is a process that hosts order books in a centralized database and matches orders between two traders. There are a number of Relayers to choose from— Radar Relay, ERC dEX, Paradex, DDEX, and more. In effect, these are the apps built atop the 0x protocol." * Uses Infura * Uses Polkadot * Beta version of the 0x P2P order sharing network is out (7-2019).'' "The long awaited killer 0x feature is finally in beta! Relayers and traders can spin mesh nodes and receive/share orders throughout the 0x ecosystem, leading to greater networked liquidity."'' * The 0x core team disclosed that a potential exploit (12-7-2019) was found in one of its smart contracts; the exploit would have allowed an attacker to fill certain orders with an invalid signature leading the team to shut down the impacted contracts and redeploy them overnight. This shows the team has not decentralized the project yet. "'' ''The APOwner contract is capable of executing an emergency shut down. It can also execute upgrades, pending a mandatory 2 week grace period. In the future, APOwner will be replaced by a DAO. ... Putting this all together, we need to see liquidity providers controlling a significant percentage of voting power before it makes sense to make governance binding on-chain. If approved in early Q4, the incentives proposed in ZEIP-31 should begin to shift the token distribution and voting power towards active liquidity providers." Interacting with the Ethereum blockchain: * “As web browsers do not natively support interacting with the Ethereum Blockchain, a browser extension called Metamask is one way to fill that gap. Metamask will handle the users private keys and allow them to submit transactions to the network via an Ethereum node. Metamask communicates with the sites a user visits by injecting a Javascript object through which the site can communicate with the wallet and blockchain. For mobile users there are applications like Toshi and Cipher Browser that do the same thing on mobile. * In order to interact with dApps (distributed applications) a user must have Ether in a wallet they control. The user cannot interact with dApps from an exchange such as Coinbase. They must control the private keys associated with their Ethereum address.” On the ICO and token: * 0x issued an ICO on August 15th 2017. 0x completed the token sale on Aug. 16, 2017, after raising $24 million in ether (ETH). The sale was planned to extend to Aug. 18, 2017, but ended after the purchase cap was reached in the first 24 hours. 1 billion tokens were created, of which 500 million were sold in the ICO. The remaining 50% of supply is allocated between the 0x company, a developer fund, the founding team, and early backers & advisors. Tokens allocated to founders, advisors, and staff members are locked-up according to a 4-year vesting schedule with 1yr cliffs. The project retained 15% of supply (150 million ZRX) for ongoing expenses and allocated another 15% to a developer fund to help grow the 0x ecosystem. The remaining tokens were split among the team, which received 10% of supply (100 million ZRX) with a four year vesting schedule, and initial advisors and investors, which also received 10%. * The circulating supply as of 7-2019 is 597,769,457.00. * The founders talking about their token model: "We initially explored having traders place ZRX security deposits that could be slashed in the case of accidental or intentional overcommitment by makers (placing orders for more funds than they have available) by enforcing a 1:1 correspondence between open orders and security deposits. If a maker assigned two orders to the same security deposit or if one of their live orders became unfunded, their associated deposit would be slashed. This mechanism would not only help us avoid some race conditions, it would also ensure traders accrue tokens in proportion to use. Eventually we determined that the implementation would add significant complexity to the smart contracts and lead to a mediocre user experience. It was also unappealing to force liquidity providers to lockup a scarce resource that could become expensive with adoption; it doesn’t make sense to put an upper bound on the number of liquidity providers that can exist simultaneously. Given practical constraints, the only feasible mechanism we could identify that would ensure ZRX tokens end up in the hands of traders (at least the heavy users) was to require ZRX be used to pay fees to relayers. From an implementation standpoint, this was by far the simplest solution. On the other hand, forcing new users to acquire ZRX tokens can feel like an unnecessary point of friction when getting started. Ultimately, we believe this to be the most reasonable mechanism to date, and we believe that the community should be involved in evolving token mechanics if a better approach becomes feasible in the future." * From this post by Token Tuesdays (29-1-2020): "With 0x’s v3 launch on Ethereum mainnet in early January 2020, the decentralized liquidity protocol features a small fee for takers on each trade. Market makers (MMs) receive a liquidity reward in the form of ETH proportional to the protocol fees generated from their orders and the amount of ZRX tokens staked. Similar to PoolTogether’s sponsored Dai, the 0x team is subsidizing the liquidity rewards pool with $5,000 worth of ETH for the next few epochs to test out the new economic model. The 0x team will continue to add $5,000 into the liquidity pool every epoch as an incentive to encourage early beta testers with the last subsidized liquidity rewards pool ending with Epoch 9 and a total of $25,000." Token Economics Update after implementation * From Our Network #7 (6-2-2020): "Among the changes enacted in v3 of 0x is a new system of token economics. ZRX is the governance token of the 0x protocol, but it also serves additional economic functions in the ecosystem. In previous versions, the ZRX token served as the unit in which users would pay fees to 0x relayers. Under this new incentive system, there is a small protocol fee associated with each trade, which are then distributed to market makers in proportion to: # the protocol fees generated from their orders # the size of their ZRX stake relative to all ZRX staked Market makers can accrue staked ZRX beyond their own balance by creating staking “pools” and sharing rewards with third-party stakers. There is now 11.8M ZRX (~$3M) staked (source). This represents ~1.1% of the total supply and 2.9% of all ZRX holders with a balance of >1K ZRX. Around 51K ZRX were provided by market makers themselves. The rest was provided by third-party stakers, most coming in after the introduction of a frontend to interact with the staking contracts on January 9. The stake-based incentive system also has big implications for governance of the 0x protocol. The 0x ecosystem is driving toward binding on-chain governance for the ZRX token. " Tech Mesh * From their 2019 recap (31-12-2019): "0x Mesh is a permissionless and censorship-resistant p2p network for propagating 0x orders; a global liquidity pool that can’t be taken down. This idea was originally proposed in the 0x white paper almost three years ago, but we couldn’t realistically kick off the project until early 2019. '' ''One aspect of Mesh that is particularly exciting is that it is the first p2p network with a node that can natively run in the browser. Why is this so powerful? It allows any website to plug into p2p markets without hosting the markets directly and/or requiring users to download custom software. 0x Mesh will play a central role in Augur v2, supporting globally accessible prediction markets that can be accessed through a web browser, and with more liquidity than Augur v1 due to 0x protocol’s efficient off-chain design. Browser-based Mesh isn’t without tradeoffs: spinning up a node, connecting to the network, finding peers, and pulling orders into the browser can take up to 30 seconds. And orders posted to Mesh may not persist in the network unless pinned to a node. So, for example, if you post an order to a local Mesh node running in your browser and then close the associated browser tab, your order may eventually be purged from the network, even if the order remains valid. Relayers can serve as persistent Mesh nodes that pin users’ orders and provide instant access to liquidity without warmup time." How does it work and how decentralized is it? * Explanation by Messari: "0x is building a decentralized exchange for the Ethereum blockchain. The team envisions this protocol as a way to facilitate permissionless transfers of value across the Ethereum blockchain. Initially, the project will focus on the exchange of ERC20 with plans to build capabilities to allow for the exchange of any Ethereum based asset. '' ''Decentralized exchanges have the potential to offer advantages over centralized systems such as real-time settlement, reduced counterparty risk, censorship-resistant transactions, and transparent technology. 0x is not managing a decentralized exchange itself but is instead building the infrastructure to enable the creation of these platforms. '' ''Unlike earlier decentralized exchanges 0x does not use on-chain order books, but instead uses “relayers” to manage order books through off-chain messaging. The team believes this reduces costs related to updating orders and offers a faster process. Transactions are settled on the blockchain based on quotes from the off-chain messaging service. '' ''Integration of the 0x protocol will happen through two primary methods. First, partners will integrate the technology to power various services, such as marketplaces in District0x or prediction markets in Augur. Second, users can create decentralized exchanges that facilitate the swapping of ERC20 tokens. This includes services like Radar, The Ocean, and Paradex. The goal is to create a venue for decentralized exchange with an open protocol supporting as many relayers as possible. So a sufficiently sized pool of liquidity can be aggregated for the efficient trading of tokens amongst participants." * In simple English as by Multicoin Capital: "0x utilizes off-chain matching of orders and on-chain execution of trades. This allows for a large number of individual trades to take place quickly without bloating the blockchain with unfilled/cancelled orders. 0x accomplishes this through a novel form of private key-signed messages. Users who wish to conduct a trade create a message that includes specific parameters about the trade—which tokens they’d like to trade, the price, and the order expiry. This message is signed by the user as authorization and broadcast to the network. Once broadcast, this order is open and can be filled by counterparties. Alternatively, the user can name a specific counterparty and send the order directly to that party to fill. The order can only be filled according to the parameters set by the user that generated the order. When the taker signs the order, it is submitted to the Ethereum blockchain, where the trade is executed trustlessly by the 0x smart contract. This means that the smart contract simultaneously takes balances from both the maker and the taker and sends them to the counterparty at the exact same time. No third party must be trusted. '' ''Relayers offer the best traits of the centralized exchange model and the decentralized exchange model. Relayers can invest in high-quality user interfaces and charge additional fees for specialized services, but they are never in control of users’ funds. Furthermore, the barrier to entry for building a relayer is orders of magnitude lower than the barrier to entry for building a centralized exchange (primarily due lack of need to maintain an internal ledger of customer balances, build settlement infrastructure, and most importantly no need to conduct KYC/AML due to lack of asset custody)." * From the Token Economy newsletter:'' "While they offer various products on top of their core protocol they are most known for having a range of relayers that keep order books off-chain and then the actual trades are settled on-chain. This is the model that looks most similar to traditional exchanges. Challenges with this model have been unclear regulatory environment and a lack of liquidity."'' * The following comes from a post (29-10-2019) by competitor Komodo (which is the creator of AtomicDEX), so should be read sceptically: "Let’s understand 0x architecture with an example. Bob creates an order using a Relayer GUI, which then goes to the relayer’s order book (centralized database). A relayer can share this to other Relayers so that more traders can see the order. '' ''Now, Alice wants to accept Bob’s order. She executes the order using the Relayer’s GUI. Then, the relayer matches the request and sends it to a 0x smart contract to complete the order. '' ''While creating/executing these orders, Bob and Alice allow 0x smart contracts to deduct the funds from their respective wallets. 0x smart contracts now verify the order and complete the token transfer on-chain. The 0x protocol created the ZRX token, which is used to pay trading fees. So if you are using 0x Relayer, you need some ZRX tokens to make or take an order. The Relayer also collects some part of the fee to host order books. The 0x protocol is one of the most widely-used decentralized exchange protocols in the industry today. Third-party projects can build atop the 0x protocol, meaning that a number of different DEXs and Relayers can all exist while sharing the same protocol and liquidity pool. This is a huge benefit to 0x. However, the 0x protocol only works for Ether and assets issued on the Ethereum platform (ERC tokens). It is not compatible with Bitcoin protocol or the protocols of other blockchains, like EOS, Monero, Stellar, Cardano, NEO, or Tezos. This severely limits the utility of the 0x protocol and clearly prevents it from becoming an industry-wide solution." ZEIP's and Protocol Upgrades * Just like Bitcoin and Ethereum have BIP's and EIP's; 0x Improvement Proposals (ZEIPs) describe standards and protocol specification changes for the 0x protocol. For example in the July update of 2019 the team wrote the following: "The community also voted and approved two ZEIPs this month: ZEIP-24 (ERC1155 Proxy) and ZEIP-39 (Static Call Proxy). Several new ZEIPs were created this month, including a proposal by the 0x Core Team to add another assetProxy that could bridge liquidity available on other on-chain exchanges (ZEIP-47 — ERC-20 AssetBuyer). We were also pleased to see the Augur team submit two proposals: ZEIP-48 (Custom Order Processor, MicahZoltu) and ZEIP-49 (Support for ERC-777, MicahZoltu). More progress has been made towards feature-completion of V3 of the protocol, including the implementation of ZEIP-40 (New Order Matching Strategy) and ZEIP-41 (Batch Order Matching)." ZEIP-31, which proposes an upgrade to the 0x protocol to utilize new ZRX token economics: * Under the proposal, takers pay a small protocol fee on each 0x trade. * Market makers (MMs) receive a liquidity reward that is proportional to:  — the protocol fees generated from their orders. — their stake of ZRX tokens. * MMs who do not own sufficient ZRX to collect liquidity rewards will be able to form a ZRX staking pool for third-party delegators. Roadmap * A rough roadmap was posted on 3-2019 with the following phases: # Community Managed Token Registry # Community Veto Power. # Liquid Democracy # Cryptoeconomics Modeling # Off-chain Voting # Cross-blockchain Governance When asked about the progress they responded with the following: * Token Curated Registry - we decided that our resources are better spent focusing on other initiatives given that a number of other teams are already focusing on TCR development full-time * Community Veto - with ZEIP-23 (back in Feb.) we established a voting mechanism for the community to approve or veto proposals and we plan on continuing this process for future ZEIPs - https://blog.0xproject.com/0x-roadmap-part-1-zeips-d5cb8458584e'' * ''Liquid Democracy - still on our roadmap "''We are currently exploring liquid democracy, a delegative voting scheme, as a potential governance system for phase 3 of our governance roadmap. Liquid democracy has a few interesting properties that make it attractive for governance over the 0x pipeline." Is on the roadmap scheduled before 2020. * ''Cryptoeconomics Modeling - while Peter & Weijie completed the crypto-economic modeling for ZEIP-31 (https://github.com/0xProject/ZEIPs/issues/31), we've realized that it doesn't make sense for us to build general modeling tools for the broader community at this time * On-chain voting - still on our roadmap ''(on the roadmap scheduled for distant future) * ''Cross-Blockchain Governance - still on our roadmap ''(on the roadmap scheduled for distant future) - https://blog.0xproject.com/zeip-23-vote-post-mortem-311c9323e228 " Protocol v3 * From their website (11-11-2019): "''The v3 proposal concerns a major update to 0x protocol. The upgrades fall mainly into three buckets: the introduction of staking contracts, a new pattern supporting bridged liquidity across the DeFi ecosystem, and miscellaneous technical improvements. A ZRX staking mechanism grants 0x market makers greater ownership in the protocol and encourages participation in governance by distributing monetary rewards (in ether) and additional voting power for providing liquidity. 0x v3 also introduces a powerful set of bridge contracts that aggregate liquidity from multiple sources including DEXs like Uniswap, Kyber, and Oasis." The proposal got approved. In all, the community voted to approve four ZEIPs in 2019. Governance * Works closely with the Aragon team on governance. * "Putting this all together, we need to see liquidity providers controlling a significant percentage of voting power before it makes sense to make governance binding on-chain. If approved in early Q4, the incentives proposed in ZEIP-31 should begin to shift the token distribution and voting power towards active liquidity providers." Staking Governance * From Our Network #7 (6-2-2020): "The stake-based incentive system also has big implications for governance of the 0x protocol. The 0x ecosystem is driving toward binding on-chain governance for the ZRX token. Under the new staking system, 50% of voting power of the staked tokens are transferred to the pool operators, the market makers themselves. So while non-market makers who have staked retain a large share of voting power (enough to cancel out the vote of the market maker if they choose), a great deal of voting power was transferred to market makers. The 11.2M ZRX currently staked is nearly double the largest amount of ZRX involved in past ZEIP votes (6.6M ZRX for the v3 protocol vote), and represents a major step forward for community participation." DAO * Since the 0x core team hard forked within 1 day after a bug was found, the team wonders if a DAO would be quick enough to fix similar issues: "a DAO would not be able to rapidly respond to a security incident in the same way that our team was able to because (1) coordinating tokenholders is time-consuming and (2) the vulnerability would need to be disclosed to tokenholders before they could be convinced to use the emergency shut down mechanism, but disclosing the vulnerability to tokenholders is equivalent to full-blown public disclosure. A reasonable compromise might be for tokenholders to elect a small technical committee whose members control the emergency shut down mechanism. The committee would need to be nimble, the members deeply familiar with Solidity, the 0x contract architecture and tech stack, but also sufficiently distributed so no government could target a quorum of committee members simultaneously. The committee would serve as the first point of contact for the 0x bug bounty program, respond to vulnerabilities, and payout rewards to hackers that disclose vulnerabilities." * They envision a decentralized organization (DO): "because the system will control a pool of capital (community treasury), rely on humans at the edges of the network (makers, takers, relayers, developers, tokenholders), and social consensus will play an important role in directing the protocol’s upgrade path and the allocation of community resources. In short, staked ZRX tokens (see ZEIP-31) will be eligible to cast votes on technical upgrades and to elect representatives onto committees that serve the ecosystem. Peter Zeitz’s presentation from Devcon4, “Building self-sustaining ecosystems through governance”, describes a committee-based approach to funding ecosystem development. This will be revisited once ZRX staking has been live long enough for liquidity providers to have significant voting power. It is important to note that this represents our current understanding of the best path forward. There are a number of Ethereum projects experimenting with innovative governance systems that we are closely following and that we hope to learn from. And, ultimately, the 0x governance system will be able to evolve with the needs of the community." Usage From the Token Economy newsletter (7-2019): * "After seeing Uniswap quickly outgrow their volumes the first four months of the year, 0x has had some fantastic summer months. It looks like 0x’s focus on improving liquidity is paying off as they’re closing in on Uniswaps weekly volumes and the most prominent DEX project of 2018 should probably get more attention again. What is also quite remarkable here is that a vulnerability was found in the 0x contracts on July 12th (week starting 8th of July). They shut down their v2.0 contracts, patched them and redeployed all their contracts as v2.1 on that same day. Some immutability maximalists might be disappointed by the fact that the core 0x team can simply shut down their smart contracts. Interestingly the metrics do show an impressive consistency in volume that week. Albeit a slight dip in volume the week does not even look like an outlier here!" * From their 2019 recap (31-12-2019): "Uniswap took the Ethereum community by storm, garnering significant mindshare, and driving a new narrative around dApp UX and composability. In less than a year, Uniswap captured 25% of DEX market share by $-volume. Kyber also focused in on dApp composability and integrations. '''Despite this increasingly competitive environment, 0x market share by $-volume quadrupled in 2019.' ''While DeFi markets generated the most trading volume on 0x by $-value in 2019, when Gods Unchained cards were unlocked for trading, their official marketplace and the community-developed marketplace TokenTrove triggered a 10x spike in the number of 0x trades overnight. The launch also drove an increase in the number of unique traders on 0x protocol, many of which were using a DEX for the first time." ZK-Starks * 0x is trying to use ZK-Starks to scale 0x and maybe Ethereum as a whole with what they call their 0x-Sidechain. They explain it here. * From Proof of Work #79 (19-11-2019): "We introduced a new initiative OpenZKP, an open-source zk-STARK implementation." Hydro Fork * Has been forked by DDEX into Hydro, which removed the 0x token. However 0x is still continuing. From their website: * “In 0x protocol, orders are transported off-chain over any arbitrary medium, massively reducing gas costs and reducing blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer. * The simplest example of a Relayer is a website allowing users to create, discover and fill orders. The Relayer must build out a UI and host a backend database to provide this functionality. * To simplify the process of interacting with the 0x protocol, we have written a Javascript/Typescript library called 0x.js. This library helps relayers interact with the 0x protocol smart contracts through a higher-level, easier to use interface. In addition, it also providers many useful utilities for hashing, signing, validating and serializing 0x orders. * Before getting started with 0x.js and the 0x protocol, it is helpful to introduce a few concepts. There are two parties involved in every trade, a maker and a taker. The maker creates an order for an amount of TokenA in exchange for an amount of TokenB. The makers then submits these to a relayer. Takers discover orders via a relayer and fills them by sending them directly to the 0x protocol smart contracts. The 0x protocol smart contracts performs an atomic swap, exchanging the maker and taker tokens.” * “The 0x Protocol extends on this functionality by performing multiple balance transfers in a single atomic operation. If Alice wants to exchange 100 units of TokenA for 200 units of TokenB with Bob, Alice would want to make sure Bob was going to keep his end of the deal. Rather than Alice sending her amount of TokenA to Bob and hoping Bob will send TokenB to Alice sometime in the future, the 0x Protocol performs this exchange in a guaranteed atomic operation. So Alice and Bob will get exactly what they expect. The 0x Protocol is designed to minimize the amount of transactions (and fees) required for Alice and Bob to successfully exchange tokens. 0x protocol uses a process involving off-chain orders with on-chain settlement. You can find more information on the 0x Protocol by reading our whitepaper or the beginners guide to 0x.” * The registry serves as the official on-chain reference for settlement of transactions used by market participants to confirm the token addresses and exchange rates trades will settle at once executed. Going forward the team plans to introduce governance mechanisms that will give ZRX token holders oversight of the registry and allow for future upgrades to the network. * Because the relayer system resides outside of Ethereum’s main chain one of the primary concerns the team is looking to proactively address is the potential for front-running. Theoretically, when transactions are delivered to the Ethereum main chain an order could be front run by adding extra gas to a transaction that could allow a user to have their transaction filled first. The team has indicated a number of ideas on how to tackle the problem and are engaging in targeted experimentation to identify the most promising solution(s). List of dapps that are (or will be) using the 0x protocol: * Ambo (on the list as of 7-2019) * Aragon * Auctus * Augur * Balance (on the list as of 7-2019) * Blitz Predict (on the list as of 7-2019) * b0x (not on the list as of 7-2019) * Blocknet * Coinbase Wallet (on the list as of 7-2019) * CoinGecko (on the list as of 7-2019) * ChronoBank (not on the list as of 7-2019) * Dharma * District0x * dYdX * EasyTrade * Emoon (on the list as of 7-2019) * Ethix (not on the list as of 7-2019) * FabrX (on the list as of 7-2019) * Gods Unchained (on the list as of 7-2019) * Hut34 Project (on the list as of 7-2019) * Lendroid * Maker * MelonPort * MyCrypto (on the list as of 7-2019) * OpenANX * Paradigm Protocol (on the list as of 7-2019) * Pixura (on the list as of 7-2019) * Request Network * RexRelay (on the list as of 7-2019) * Set (on the list as of 7-2019) * Settle Finance (on the list as of 7-2019) List of relayers that will be (or are) using the 0x protocol: * Amadeus (not on the list as of 7-2019) * Bamboo Relay (on the list as of 7-2019) * DDEX (not on the list as of 7-2019 since it forked itself out of the project) * Dextroid (not on the list as of 7-2019) * ERC dEX * EtherBlockchain.io (on the list as of 7-2019) * Ethfinex a matching relayer that mirrors the Bitfinex orderbook, spun off from Bitfinex and rebranded as DeversiFi. * Instex (on the list as of 7-2019) * IDT Exchange (not on the list as of 7-2019) * Lake Project (on the list as of 7-2019) * MobiDex * OpenRelay * Paradex * RadarRelay * Starbit (on the list as of 7-2019) * SharkRelay (not on the list as of 7-2019) * The 0cean * Token Jar * TokenIon (on the list as of 7-2019) * Fordex (on the list as of 7-2019) List of 0x trade explorers: * 0x Remote Hr (not on the list as of 7-2019) * 0x Trade Viewer (not on the list as of 7-2019) * 0x Tracker Team, partnerships, investors, etc. * Partly created by ZeroEx, Intl. * Warren, Will; CEO & Co-founder * Bandeali, Amir: CTO & co-founder * Alex Xu; director of operations * 'Rahul' * Has 33 team members as of 7-2019 * According to Will in a podcast there are 11 independent teams that are building DEX's on top of 0x (8-2018). Examples are Ken Alpha (built by 1 person in his spare time, and is live) and Radar Relay which does a couple of million dollars in volume a day. * Alex Towle, "a software engineer on our Protocol Team. He studied mathematics and computer science at UC Berkley. Prior to joining 0x, he was a Smart Contract Developer at Authio before becoming their Engineering Project Lead, where he worked alongside our own Paul Vienhage." * Alex Kroeger — Data scientist at 0x Advisors * Has the same advisors as Numeraire * Has three (ex) Coinbase advisors (Which is not entirely weird since the 0x office is around the corner of Coinbase and many 0x employees come from Coinbase as well, as does the wife of Will Warren, the 0x CEO) * Ehrsam, Fred; advisor (still on the website as of 7-2019) Used to play online games together with Will Warren and his wife. * Carlson-Wee, Olaf; advisor (still on the website as of 7-2019) * Xie, Linda; advisor (still on the website as of 7-2019) * Krug, Joey; advisor (still on the website as of 7-2019) * David Sacks; advisor (On the website as of 7-2019) * Jill Carlson; advisor according to Messari but not on the website (7-2019) * Philippe Castonguay a former relationship manager for developers at 0x Project. Partnerships * Works closely with the Aragon team on governance. * Has something called "The Ecosystem Acceleration Program" which "gives teams access to a variety of services including funding, dedicated technical support, and recruiting assistance." * Is a sponsor of Coin Center (as of 6-2019) * Part of the portfolio of 8 Decimal Capital * Has attended the program of Startup Studio * Partners with Wyre (As of 28-10-2019 on the website of Wyre) Investors * Had a seed round with Polychain which gave them the funds to get a professional team. * From DeFi Weekly #57 (7-2-2020) giving a meek outlook on funding: "Another question which I'm slowly starting to wonder is how much runway does 0x have considering they've been operating for 2-3 years and had budgeted for a 4-5 year run way. Given the way their token has been trending negative since the bull market and 0 change from staking, there's not much which is going to turn investor's confidence around in the future value appreciation of the token unless the value capture mechanism is much stronger. It may be possible that they'll consider doing an equity round for a centralised order book should the money dry up, or they "decentralise" leaving all their contracts left open sourced. Their market cap is $162m, however there's still 40% more of the supply to be unlocked and any meaningful sell will further tank the price. Alt season could change things, assuming mania causes irrational speculating into 0x once again - however that may be unlikely given other more successful value capture tokens (and new tokens that would launch as well)." * According to Messari: 42 Fund, 8 Decimal Capital, Advance.Fund, Aenigma Capital, Amino Capital, Amplifi Capital, Asymmetry Asset Management, Block0, Blockchain Capital, Carnaby Capital, ChainRock, Coinbase Index Fund, cp0x, Galaxy Capital Partners, Kosmos Capital, KR1, Litmetless Crypto Investments, Midgard Ventures, Moonchain Captial, Mutual Coin Capital, Myriad Capital Management, Nirvana Capital, NueValue Capital, Pantera Capital, Parallax Digital, PECUNIO Cryptocurrency Fund, RocketFuel, Solidum Capital, The Hive Index, Tokenstack Partners, Torchlight Ventures, ValueNet Capital, VB Capital, zk Capital, ZMT Capital Category:Coins/Tokens Category:Exchange